Organizations will have to move away from after-the-fact HR measurement and reactive workforce management and embrace a predictive workforce monitoring approach. They will have to constantly tap both quantitative and qualitative range of information sources and track workforce trends, as well as details on specific workforce segments.
Rigid and reactive staffing practices will have to be abandoned for more flexible talent sourcing strategies. In addition to this, organizations will have to prepare talent in advance for potential roles and offer learning opportunities for people on a purposeful and continuous basis, thereby creating competency pools and talent reserves for later use. Organizations may even create job opportunities for people whose development plan requires them to do so. Some may even decide to hire talent they anticipate needing even if there aren’t any existing job openings currently.
The traditional, one size-fits-all rewards and communication programs just won’t cut in the next gen of talent management. They will have to be customized with high tech tools and will have to be personalized in high-touch ways.
Leaders will have to transition from a commanding to an influencing role. Decision-making will have to be decentralized with senior leaders ensuring that provide direction, influence people and champion the organizations core principles and processes.
The new generation employee does not believe in the philosophy of “we will stick around till you need us”. They are more enterprising and willing to take risks in their career. They accept failures easily and are prepared for them. Companies have to adopt flat hierarchies, enable employees to build careers around jobs and have a clear performance management system.
At HDFC Life, we have created the environment and people processes that aim to balance between organizations goals and employee expectations